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I got a really good question from someone that bought a property blind at auction. This is something that happens to quite a few people, so I thought it might be worth writing a post on the blog about it. Hopefully, this will help some other people out there that are in a similar position.
Syed said…
Hi Samuel, I bought a property in London from auction. I didn't see the property before I bought it (big mistake); the road the house is on is really run down. Any advice how I can sell it on quickly and make profit? Am willing to sell it for cheap 260k 3 bedroom terrace house in Rainham London.
My reply…
So again, as always the first thing I'll say is when someone hits the rocks at least they can be a lighthouse for other people. If you're watching this video and you're thinking about getting into property, never buy a property blind from auction. That is not a suggested thing to do. Also, make sure that you read the legal pack and you have a survey on the property before you bid.
However, that doesn't help right now because Syed's in this situation. If I understand the situation correctly, you've bought a property from auction. It sounds to me like you kind of just bought it blind and you didn't know the area super well, and now you're like, ‘Oh man, I just want to shift this property’. Maybe the property needs a lot of work, I don't know the full details.
The first thing I would do is I would just speak to a local estate agent, and I would say to them, ‘Look, how much will this property sell for on the open market?’ It may be that you do manage to make a good profit. The problem is it's just a bit of a gamble, you know you kind of just took a punt in the dark. It might pay off. I hope it does.
So as I say, the very first thing I would do is I'd speak to a couple of local estate agents. I’d tell them about the house and let them look round. They will be able to tell you very quickly how much the house will sell for in the open market, and hopefully you bought it cheap. Hopefully, you're able to make a reasonable profit. But if not, if you end up breaking even, at least it's a lesson.
So if you need any help further though, just drop me a message on Instagram. I'm very happy to look at the property, and if we can do business and make money, then amazing! Hope that helps.
